{"id":4755,"date":"2023-10-23T22:29:55","date_gmt":"2023-10-23T22:29:55","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/us-markets-grapple-with-potential-rate-hike-amid-global-downturn\/"},"modified":"2023-10-23T22:29:56","modified_gmt":"2023-10-23T22:29:56","slug":"us-markets-grapple-with-potential-rate-hike-amid-global-downturn","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=4755","title":{"rendered":"US Markets Grapple With Potential Rate Hike Amid Global Downturn"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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US futures and European stocks experienced a downturn on Friday, as Wall Street braced for increased borrowing costs due to Federal Reserve Chair Jerome Powell’s hawkish stance and surging 10-year Treasury yields. Powell’s remarks, hinting at further rate hikes to tackle inflation, combined with the Fed’s commitment to its 2% inflation target, put Wall Street under pressure.<\/p>\n

On Friday, US primary stock index futures fell as 10-year Treasury yields neared a 16-year high. The potential of a 5% yield, unseen since 2007, has been bolstered by Powell’s comments on the strength of the US economy and tight labor markets. This development has led to a global market downturn, with Asian shares also retreating amidst escalating tensions in the Middle East.<\/p>\n

Dallas Fed President Lorie Logan suggested that increased bond market borrowing costs could allow the central bank to deliberate on its next policy move. BofA Global Research is forecasting a December rate hike of 25 basis points. As the Fed enters a media blackout before their November meeting, investors are closely tracking Philadelphia Fed President Patrick Harker and Cleveland Fed President Loretta Mester.<\/p>\n

Shares of American Express <\/span><\/span> (NYSE:) rose in premarket trading after beating Q3 profit estimates, while Schlumberger Limited’s (NYSE:) shares fell despite surpassing profit expectations. In other market news, SolarEdge (NASDAQ:) shares dropped following a Q4 revenue warning, causing similar reactions in other solar firms like Enphase Energy (NASDAQ:) and First Solar (NASDAQ:). Intuitive Surgical (NASDAQ:) also saw a decrease in shares after missing quarterly sales estimates.<\/p>\n

The market sentiment was reflected in the decrease of , , and . The stood at 4.9392%, with CME’s FedWatch Tool indicating a high likelihood that the Fed will maintain benchmark rates in its November meeting as part of the rate-setting Federal Open Market Committee (FOMC)’s actions. The ongoing Israel-Gaza conflict is also being closely monitored by investors, adding to the overall market volatility.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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